Silver Price Forecast: XAG/USD stalls around $24.20 as US T-bond yields rise

• Silver pares some weekly losses, clings to $24.00.
• An upbeat market sentiment dented investors' appetite for safe-haven assets.
• XAG/USD: The 1-hour chart depicts the white-metal is range-bound with no clear direction.

Silver (XAG/USD) trims its weekly losses, trading at $24.04 is barely up 0.04% during the New York session at the time of writing.  Since Friday of last week, the yellow metal had struggled when it reached a new monthly high at $24.80. However, this week has failed to gain traction against the US Dollar, despite falling US T-bond yields.

Also, positive market sentiment has weighed on precious metals, not just silver. Investors seem to be moving flows towards riskier assets, as portrayed by US stock indices rising between 0.51% and 0.92% in the session. Moreover, US T-bond yields came back to the front seat on Thursday, with the 10-year benchmark note rising four basis points, sitting at 1.573%, weighing on the non-yielding metal.

That said, silver dynamics are lying in the dynamics of the US Dollar. In the next week, the Federal Reserve will host its November meeting.  Market participants expect a bond taper announcement and the pace of it. Also, investors will keep a close eye on when it will begin the QE's reduction. 

If it moves back to mid-December, it could signal that the Federal Reserve doubts so that a delay will give them more certainty in the future outlook. In that outcome, silver prices would rise in tandem with gold and other precious metals. On the flip side, the market has already priced in a bond taper to begin in mid-November.

XAG/USD Price Forecast: Technical outlook

Silver (XAG/USD) 1-hour chart depicts, the white metal is range-bound, trapped inside the hourly simple moving averages (HSMA's). However, it is slightly tilted to the upside, as a broken downslope trendline triggered a bullish signal. It also confluences with the 200-hour simple moving average (HSMA), which could propel XAG/USD toward higher prices.

The Relative Strength Index (RSI) is at 49, a tick lower than the 50-midline, aims slightly up, but it does not have enough momentum to spur an upside move in silver.

Therefore, silver traders could wait until a fresh catalyst could give additional clues about the non-yielding metal's direction.